Critical Illness Cover - UK - February 2016
“Sales of individual critical illness policies are once again in decline, and overall product penetration is low. Given the ongoing upward pressure on premiums and the already high cost of cover to the individual, turning the market’s fortunes around will not be an easy task. Providers need to find new ways to promote the product and engage the target audience, as well as designing more straightforward and affordable solutions.”
– Sarah Hitchcock, Senior Analyst – Financial Services
This report looks at the following issues:
- Getting the price right
- Helping people identify their own protection needs
The UK market for critical illness insurance is not currently in the best of health. New sales of individual policies have fallen in each of the past three years – wiping out all of the growth achieved during the preceding three years. Product penetration has also declined, and is low relative to the level of consumer need. Mintel’s report investigates the possible reasons for this and considers if, when and how the market might stage a recovery. It also considers whether the recent decline is being experienced by all providers, or whether certain insurers are managing to buck the trend and achieve growth.
Mintel’s market and company analysis is complemented by the results of an online consumer survey, which examines product ownership and barriers to purchase, identifies the most likely factors that could prompt a future purchase and reviews general attitudes toward critical illness cover. For the first time, Mintel also reveals the proportion of adults who have experienced a critical illness, either directly (where they are the sufferer) or indirectly (another family member or close friend is the sufferer).
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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